The Chartered Institute of Bankers of Nigeria 25 JULY, 2017R daily HIGHLIGHT FINANCE | BUSINESS | CIBN NEWS | HEALTH | SPORTS | GENERAL BECOME A MEMBER R MENTORING TOP STORIES Naira rebounds against dollar at parallel market PDP governors, others to visit President Buhari Experts seek ways to sustain investments in stock market Some faces of anaemia and their solutions CIBN Events FINANCE NEWS Naira rebounds against dollar at CBN returns N51.9bn illegal NNPC loses 150,000b to pipeline parallel market deductions to bank customers vandalism The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the The Nigerian National Petroleum Corporation The Naira on Monday regained strength against the customers. The CBN stated that the amount (NNPC), lost 150,000 barrels of crude yesterday from dollar at the parallel market, the News Agency of was illegally removed from the accounts of an attack on its Trans Niger Pipeline in Ogoniland, the Nigeria (NAN) reports. The Nigerian currency gained bank customers across the country in the past Group Managing Director. Dr. Maikanti Baru, one point to exchange at N365 to the dollar at the five years. The Acting Director, Corporate has said. Baru said the attack will affect the parallel market, stronger than N366 posted on Friday, Communications, CBN, Mr. Isaac Okorafor, Corporation’s plan to sustain its last week’s record of while the Pound Sterling and the Euro traded at N475 disclosed this in Port Harcourt during an 2.2million barrels production per day. On the and N420, respectively. At the Bureau De Change (BDC) interactive session with stakeholders, possibility of sustaining the feat, he said: window, the Naira traded at N362 to the dollar, while including labour union leaders, in the South- “Unfortunately, we have not been able to sustain it the pound sterling and the Euro closed at N417 and South zone. Okorofor stated. Source: Punch because of challenges. As I am talking to you this N419. The Naira, however, depreciated at the morning, the Trans Niger pipeline has been breached investors’ window as it closed at N367.3 to the dollar. in Ogoniland and that is 150,000 barrels of oil has Trading at the interbank market saw the Naira close at been locked up daily. That has been fairly an issue N305.8 to the dollar. Source: Guardian in. Source: The Nation BUSINESS NEWS Power generation falls below 3,000MW, seven plants idle The nation’s power generation has fallen below the 3,000 megawatts mark as the number of idle power plants increased to eight on Sunday from five on Friday. The nation’s power grid lost a total of 743.4MW over the weekend as generation dropped from 3,306.6MW on Friday to 2,632.4MW and 2,563.2MW on Saturday and Sunday, respectively. The total generation stood at 2,886.7MW as of 6am on Monday, with seven power plants, including Sapele II and Alaoji II not generating any megawatt. Other idle plants on Monday were Afam IV & V, Gbarain II, AES, ASCO and Rivers IPP, according to the latest data from the Federal Ministry of Power, Works and Housing. Electricity generation from the nation’s biggest power station, Egbin, located in Lagos, dropped to 272MW as of 6am on Monday from 381MW and 312MW and on Friday and Sunday, respectively. The power grid, which has suffered 13 total collapses this year, experienced a partial collapse last Wednesday, the third of such this year. At Afam IV & V, units GT1 to 12 have been de-commissioned and scrapped; GT13 to 16 are out on blade failure; GT17 and 18 out due to burnt generator transformer; and GT19 and 20 are awaiting major overhaul. Source: Punch Operators Want FG to Subject Oil and Gas Dividends to Withholding Tax Stakeholders in Nigeria’s oil and gas industry have urged the federal government to subject the dividends earned in the oil and gas sector by international oil companies (IOCs) to withholding tax, stressing that Nigeria is the only oil-producing country where dividends in the oil and gas sector are not subjected to withholding tax. Speaking to THISDAY on the recent revelation by the Nigerian exploration and production (E & P) companies that the country lost an estimated $6 billion in the asset sales by the IOCs, some of the stakeholders also want the Acting President, Prof. Yemi Osinbajo to set up a technical team with the Bureau of Public Enterprises (BPE) as a member to review the divestments of assets by the IOCs. They argued that the IOCs paid little amount as signature bonuses for the oil blocks in the 1950s and 1960s and raked in billions of dollars from the sale of the assets at the expense of the federal government. Source: Thisday Experts seek ways to sustain investments in stock market Investors in the nation’s capital market have again called on the government to roll out incentives that would attract more domestic and foreign investment into the market, improve liquidity and sustain the price appreciation witnessed currently in the nation’s bourse. Equity transactions on the Nigerian Stock Exchange (NSE) had ended the first quarter (Q1) of 2017 on a negative note, as key performance indicators closed the quarter with a loss of N418 billion or five per cent. Stakeholders who spoke with The Guardian argued that investors respond to incentives, noting that such motivations will woo multinationals and telecommunication firms to Nigeria’s capital market and boost market liquidity as well as sustain current spike on equities. Surprisingly, between April and now, market capitalisation, which was N8,744 trillion on April 3, stood at N11,725 trillion as at Friday, July 21, adding 25.5 per cent, while the All share index rose by 26 per cent from 25,273.03 to 34,020.37. Investors, who described the nation’s Stock Exchange as ‘undeveloped’, noted that such narrow and illiquid market has contributed to low level of investors’ participation in the market. An independent investor, Amaechi Egbo, said the market illiquidity is evident in the low market capitalisation, and few listed companies that characterised the markets. Source: Guardian CIBN NEWS ANNOUNCEMENT FELLOWSHIP APPLICATION The Board of Fellows and Practice Licence of the chartered Institute of Bankers of Nigeria has scheduled a meeting for Tuesday, July 25, 2017 to consider Fellowship applications. This is a great opportunity for all Associates who possess professional experience of ten years and above, post ACIB to be elevated to the prestigious category of fellowship. You are therefore encouraged to click here to download the Fellowship Application Form. The completed form should be sent to the Group Head, Membership Services while the dedline for submission is Friday, July 21, 2017 Mr Nelson Olagundoye is available on 08028289271 or [email protected] for further information and clarification of your enquiries. Governing Council Approves New Group Life Insurance for Members As a means of ensuring that the Group Life Insurance Policy covers all the professional members of the Institute, the Governing Council at its meeting of December 3, 2015, approved a review of the policy which was introduced in 2012. To this end, all professional members who are up to date in the payment of their annual subscriptions will be covered under the new policy which has a sum assured of N1,000,000 (One Million Naira). The new policy is expected to take off from January 2016. With the new policy, most members can enjoy financial peace of mind, safe and secure in the knowledge that the immediate needs of their loved ones are taken care of in case of any eventuality. For enquiries/comments, pleased contact Funmbi Akinluyi at: [email protected]/ 0816 873 0986 or Peter Ejeomo at: [email protected]/ 0802 844 4550 HEALTH NEWS Why You Should Always Use Some faces of anaemia and their ‘Why Nigeria is investing more in Deodorant solutions family planning’ Family Planning is one of the strongest anti-poverty Have you ever sat in a bus or a crowded place and then A woman in her 70s anxious about the health of strategies and low-hanging fruit for reducing been forced to hold your breath for long stretches of her husband asked me last week: “why is he maternal mortality. The success of the introduction of time because someone’s underarms are sweaty and anaemic when his haemoglobin level is normal?” family planning as part of basic health in the health smelly? Did you find yourself wondering if that person By haemoglobin she had iron in mind. Many of us sector is to ensure that a woman’s right as a human ever used body sprays or deodorants? The human body associate the blood with nothing but iron. And right is realised. We want to include Family Planning passes out waste through the skin pores as sweat. You that’s possibly why we are a nation of iron hill as part of basic healthcare. This is to complement sweat more in hotter climates and at warmed parts of gobblers. The blood is red, so are iron pills! We are ante-natal services, and immunisation routine. Under your body, like the underarms and pubic region. Sweat not too far from the truth, though, because iron this commitment, we will remove all barriers to isn’t inherently stinky. In fact, it’s nearly odourless. The plays a critical role in blood formation and improve access. We will remove regulatory stench comes from bacteria that break down one of maintenance, although there is more to the blood barriers.